Aseefa Bhutto Zardari, a prominent member of the Pakistan People’s Party (PPP) and daughter of President Asif Ali Zardari and late Prime Minister Benazir Bhutto, is the only Member of the National Assembly (MNA) to refuse her monthly salary. She was elected unopposed from NA-207 and has declined government pay since taking office last year. …
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Bollywood music labels, including T-Series, Saregama, and Sony Music, are seeking to join a copyright lawsuit against OpenAI in India. The lawsuit alleges that OpenAI has improperly used their sound recordings to train AI models without permission, violating their copyrights. This action follows a similar lawsuit filed by the Indian news agency ANI last year, which accused OpenAI …
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Renowned Sindhi poet Dr Aakash Ansari tragically lost his life in a mysterious fire at his residence in Citizen Colony, Hyderabad, on Saturday, February 15, 2025. The incident has sparked widespread grief and calls for an investigation into the cause of the fire. As reported. a fire erupted at the residence of Dr Akash Ansari …
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The Sindh government has declared a public holiday on February 19, 2025, to commemorate the annual Urs of Hazrat Lal Shahbaz Qalandar. This decision was made through a notification by the Services, General Administration, and Coordination Department. As a result, all government and semi-government offices, along with educational institutions across Sindh, will remain closed on that day. …
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A significant number of Jewish leaders and activists in the United States have publicly condemned President Donald Trump’s proposal to remove Palestinians from Gaza. This condemnation was expressed through a full-page advertisement in The New York Times, signed by more than 350 rabbis and dozens of prominent Jewish figures, including Tony Kushner, Ilana Glazer, Naomi …
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Hamas on Saturday released three Israeli hostages in the Gaza Strip as part of the sixth prisoner exchange under a fragile ceasefire agreement with Israel. The hostages, identified as Sagui Dekel-Chen (Israeli-American), Sasha Trupanov (Israeli-Russian), and Yair Horn (Israeli-Argentinian), were handed over to the International Committee of the Red Cross in Khan Younis, southern Gaza. …
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A recent deadly collision between an SUV and a car on the Indus Highway has resulted in the loss of five lives, including Zain Turabi, the son of Allama Turabi. On Friday, a head-on collision between an SUV and a car occurred on the Indus Highway near Manjhand in Jamshoro district. Witnesses reported that the …
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ASPIRING homeowners have more and more ways to get on the ladder with very small deposits or without any savings at all.
Despite record house prices, the number of first-time buyers last year jumped by almost 20% from 2023, according to the latest data from Halifax.
The average first-time buyer is now 33 years old, and forking out a whopping deposit of £61,090 for a home worth an average £311,034, the data showed.
Mortgage lenders typically require borrowers to have a deposit of at least 5% of the property price and for some the minimum is 10%.
This means you usually need to save a deposit worth tens of thousands of pounds.
The average house price is £299,138 in January – a 5% deposit works out at £14,956 or 10% is £29,913.
But the good news is that more lenders are offering options where you can buy a home without having to scrape together a small fortune.
Some lenders even have options where you don’t have to pay any deposit at all.
Nicholas Mendes, technical manager at broker John Charcol said: “In today’s evolving property market, there are more opportunities than ever for buyers without a large deposit to take their first step onto the property ladder.
“Innovative mortgage products are opening doors, with lenders offering low-deposit options that make homeownership more accessible.
“There has never been a more exciting time to explore the possibilities for aspiring homeowners looking to make their move sooner rather than later.”
A good independent mortgage broker can help you decide what is available to you including how much can you can borrow.
Lenders work out the size of the loan and repayments you can afford based on the income of applicants, as well as any regular payments such as loans and credit cards that you are committed too.
Regular outgoings such as childcare costs and bills are also taken into consideration.
The main issue to take into consideration with a smaller deposit is that you will typically pay higher mortgage rates, as the lender is taking on more risk.
The bigger the mortgage, the more affordable the rates are on offer.
A mortgage broker should be able to help guide you as to whether it’s worth your while trying to save a bigger deposit.
You can also use a mortgage calculator to get a quick idea of what’s available in your circumstances, giving you a rough figure on the maximum you’re likely to be offered.
You can find calculators at MoneySuperMarket.com, Which? and most of the big mortgage lenders such as Barclays and HSBC also have tools on their websites.
Here’s a breakdown of what is available…
You can by a home with no savings at all through Skipton Building Society providing you can prove that you have a solid track record of paying rent for a year or more.
Rates start at 5.29% for a no fee five-year track record mortgage.
It’s a great option for those who know they can afford mortgage repayments but are finding lump sum deposits too much of a hurdle.
You will need to meet affordability requirements
The amount you can borrow is capped as your monthly repayment can’t be more than you currently pay in rent.
As well as first-time buyers, renters who owned a property more than three years ago can also apply for the deal.
Many first-time buyers get help with a deposit from parents and other family members.
But if your family aren’t in a position to gift cash, Barclays provides another option.
Borrowers can buy without a deposit under the bank’s Family Springboard scheme as long as a parent keeps 10% of the purchase price in a linked savings account.
The cash still belongs to the parent and earns interest, but could be at risk if you fall behind on repayments and the property is repossessed and sold for less than the mortgage.
Buckinghamshire Building Society offers a similar deal, giving 100% if 20% of the purchase price can be secured against the parental home.
A good deal of trust is needed as their house could be at risk if you failed to repay your mortgage.
Nicholas explains: “This structure offers a win-win: buyers can get onto the property ladder sooner without the pressure of saving a large deposit, and family members know their money is secure and even earning interest.
“It’s particularly appealing for parents or relatives who want to help but aren’t in a position to gift large sums outright. Additionally, with rates starting from 5.32% and no arrangement fee, it’s a cost-effective solution for many first-time buyers looking for flexible support.”
Most mortgage deals require a percentage of the property value as a deposit.
However, Yorkshire instead asks for a flat £5,000 deposit which would translate a deposit of less than 1% on properties worth £100,00 or more.
Rates start from 5.79% for a five year fixed rate with no fee.
“Another lender who is thinking outside the box and is looking to support more first-time buyers with less than a 5% deposit,” says Richard Fernandes, a mortgage advice manager at Habito.
Specialist mortgage provider Vida Homeloans’ ‘3 and easy’ range is available to buyers with a deposit of only 3%.
The major benefit of this range is that – unlike many high street mortgages – it’s available to those with an adverse credit history, complex or second job income, as well as self-employed or contract workers.
However, the downside is that the deals don’t come cheap.
Rates start from a pricey 7.4% for a five-year fixed rate deal.
Nicholas Mendes added: “This initiative addresses a crucial gap in the market.
“Historically, individuals with adverse credit have faced significant barriers, such as the need for larger deposits, effectively locking them out of homeownership opportunities.”
However, if you don’t really need a specialist mortgage it could make more financial sense to access lower rates elsewhere.
Although a number of lenders offer 5% deposit options for first-time buyers, Nationwide‘s Helping Hand option means you could borrow up to six times your income.
Lenders typically cap their loans at 4.5- or 5-times income. Someone earning £36,000 could therefore borrow up to £180,000.
But with Nationwide, the same person could borrow up to £216,000, giving you more property options and greater borrowing power.
Rates start from 5.29% for a 5-year fix.
Halifax has also increased how much it will allow first-time buyers borrow with the upper limit now at 5.5 and there are other specialist providers offering similar.
Nicholas from John Charcol added: “Borrowing power is receiving a significant boost thanks to income-enhancing mortgage solutions from the likes of April Mortgages and Generation Home.”
Alongside low deposit mortgages, there are other schemes to help first-time buyers move into ownership.
Instead of buying the whole property, through shared ownership schemes you can instead buy a portion from as little 10% and pay rent to a landlord on the rest.
Buying just a share of the home means the deposit and mortgage payments are much smaller.
These mortgages take into account the income of another person to help boost affordability. The additional applicant – typically a family member – is liable for the mortgage, but they do not own the home.
As with other family help options, there needs to be a large degree of trust. It is a good idea to work out a plan of what would happen in the event that you were struggling to repay the mortgage as all parties will be liable.
A mortgage broker can help you to find lenders offering these deals.
If you live in England, the First Homes scheme allows you to buy a property up to 50% below its market price.
The discount stays with the property, so is available to any future buyer too.
To use the scheme, you must be a first-time buyer and aged 18 or older.
You must earn less than £80,000 a year before tax or £90,000 if the property is in London.
IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time.
There are several ways to land the best deal.
Usually the larger the deposit you have the lower the rate you can get.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
To find the best deal use a mortgage comparison tool to see what’s available.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
You can use a mortgage calculator to see how much you could borrow.
Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.
You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.
